AwesomenessTV is living up to its name, according to one media giant.
Hearst Corp. has acquired a 25 percent stake in DreamWorks Animation’s subsidiary for $81 million.
DreamWorks and Hearst plan to build out the multichannel network’s video content, broaden its audience and expand globally. AwesomenessTV will have access to Hearst’s subscription video on demand technology to help further distribute its videos in different formats.
“Few companies have built the global audience of millennial females as quickly as AwesomenessTV,” said Steven R. Swartz, Hearst president and chief executive, in a statement. “For us, it’s very important to make a bet on the future of how content is created.”
“We’re delighted with the opportunity to partner with Hearst, in part because it has outstanding global brands, a very valuable international presence and industry-leading technology,” said DreamWorks Animation Chief Executive Jeffrey Katzenberg in a statement, “and also because of its demonstrated track record of successfully partnering with media companies and supporting their growth trajectories.”
AwesomenessTV founder Brian Robbins and President Brett Bouttier will continue to lead the company, which includes talent management arm Big Frame.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- All Def Digital Secures $5 Million Series A
- AwesomenessTV Will Launch Channel for Moms
- Chernin and AT&T Reportedly Set to Buy Fullscreen
- Epoxy Partners with Maker, Fullscreen, AwesomenessTV, Others
- Evolve Media Hires Moat
- Fullscreen Sells Majority Stake to AT&T/Chernin Group
- Zealot Networks Buys AudioMicro for $20 Million
- Fullscreen Joins Forces with India’s Qyuki